Hong Kong Greenlights Bitcoin, Ether ETFs
Adidas Launches Digital Sneakers On StepN, CFTC Chair's Connection To SBF Probed By Senators,
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The Hong Kong Securities and Futures Commission, or SFC, has finally given a *conditional* approval of the first Bitcoin and Ethereum ETFs yesterday, to which 3 offshore Chinese asset managers have are responding with their plans to launch their, both Bitcoin and Ethereum, ETFs as soon as this month.
Among the firms, Hong Kong-based HashKey Capital is participating in collaboration with Bosera and its ETFs, as well as Harvest Fund Management, ChinaAMC, and OSL as a sub-custodian. If the ETF applications satisfy the regulator's conditions — fees, documents, and HKEX approvals — conditional authorization letters will be issued and the ETFs will be ready for launch.
Hong Kong's ETFs will follow the in-kind creation model rather than the more common cash-create redemption model (in US ETFs) that enables new ETF creation with cash. Like other places catching trends, Hong Kong is pushing to become a crypto-friendly hub, which crypto ETFs will accelerate. Matrixport analysts say that up to $25 billion could come from mainland Chinese investors alone via the popular Southbound Stock Connect program that allows them to access Hong Kong-listed shares.
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